Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

OTHER ASSOCIATED UNDERTAKINGSTABLE C (cont.)PROFIT AND LOSS ACCOUNTSTelco S.p.A.30/4/11LUVE S.p.A.31/12/10GB HoldingS.r.l. 31/12/10(€ 000) (€ 000) (€ 000)A) Value of production:1) Income from sales and services rendered — 67,531 —2) Changes in stocks of products being completed, semi-finished andfinished products — 574 —4) Increase in fixed assets due to internal work — — —5) Other revenue and income — 1,583 —Total value of production (A) — 69,688 —B) Costs of production:6) Raw materials, secondary materials, consumables and merchandise — (33,376) —7) Services (1,325) (14,448) (6)8) Use of third parties’ assets — (1,381) —9) Personnel — — —a) Salaries and wages — (8,453) —b) Social security expenses — (2,775) —c) Staff severance indemnity provision — (537) —d) Other costs — — —Total personnel costs — (11,765) —10) Depreciation, amortization and writedownsa) Amortization (1,363) (2,287) —b) Depreciation — (3,359) —c) Other writedowns to fixed assets — — —d) Value adjustments to receivables included in calculation of workingcapital and cash — (93) —Total depreciation, amortization and writedowns (1,363) (5,739) —11) Changes in stocks of raw materials, secondary materials, consumablesand merchandise — 98 —12) Provisions for liabilities — (100) —13) Other provisions — — —14) Sundry operating expenses (12) (328) (1)Total costs of production (B) (2,700) (67,039) (7)Difference between value and cost of production (A–B) (2,700) 2,649 (7)C) Financial income (expense)15) Income from investments 174,208 2,641 —16) Other financial income 4,491 28 —17) Interest and other financial expenses (124,609) (2,971) —17bis) Gains (losses) on exchange rates — 288 —Total C 54,090 (14) —D) Value adjustments to financial assets:18) Writebacks — — —19) Writedowns (1,201,435) — —Total D (1,201,435) — —E) Extraordinary income (expenses):20) Income 64 40 —21) Expenses — (105) —Total E 64 (65) —Profit (loss) before tax (A-B+C+D+E) (1,149,981) 2,570 (7)22) Income tax for the period- current tax — (1,091) —- deferred tax — 353 —Total income tax for the period — (738) —23) Profit (loss) for the period (1,149,981) 1,832 (7)– 473